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    OneSBGuy's Avatar
    OneSBGuy Posts: 2, Reputation: 1
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    #1

    Sep 7, 2008, 03:49 PM
    Gift Money from India for downpayment
    My father wants to give me a gift of more than $100,000 towards the downpayment of the house. The money is tax-paid in India. He is willing to provide documentation for the same.

    Will I have to file form 3520 for the same.

    Will I have any tax implications for the same? i.e. will I have to pay any taxes on this money?

    Thanks
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Sep 7, 2008, 04:16 PM
    For you (the receiver of the gift), the only requirement is to file Form 3520 if gift amount exceeds $100,000.
    If your father is not a U.S. person, then there is no tax or filing requirement in the U.S.
    If your father is a U.S. citizen or resident, then he must file gift tax return.
    Read Your U.S. Tax Return: The U.S. Gift Tax
    OneSBGuy's Avatar
    OneSBGuy Posts: 2, Reputation: 1
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    #3

    Sep 10, 2008, 08:02 PM
    Will I have any tax implications? Will I have to pay taxes on this money?
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #4

    Sep 10, 2008, 11:31 PM
    No. No.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #5

    Sep 11, 2008, 10:56 AM
    MukatA is correct in regards to U.S. taxes.

    There MAY be taxes due from the India side. However, I cannot comment further as my expertise on Indian taxes is limited.
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